Ocean View, DE -- (SBWIRE) -- 05/07/2020 -- Smart elevator market share, in the years to come, will be propelled by rapid urbanization accompanied by growing volume of high-rise structures in the metropolitan cities. The increasing prevalence of huge residential and commercial establishments require intelligent elevators for efficient crowd management and faster commuting. These intelligent lift solutions come integrated with smart technologies such as IoT for connectivity and access control to enhance the security and energy efficiency of the elevator operations.

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Key Companies: - Bosch Security and Safety Systems, Hitachi, Honeywell, KONE Corporation, Mitsubishi Electric, Otis Elevator Co., Schindler Group, thyssenkrupp Elevator, Toshiba

The lift maintenance system includes several intelligent features focusing on reducing the lift downtime and increasing the passenger safety. These intelligent systems can identify and count the occurrences of unwanted stops, slow speed and many others among the technical flaws. This information is passed over in real-time to the building authorities to take immediate action and further reduce the chances of lift breakdown. Most of the maintenance systems also feature a mobile app allowing the commuters to sneak in the occupancy status of the lift using their smartphones, hence reducing their waiting time.
Smart elevators are finding increasing usage in the automated residences, homes and apartments owing to the technically advanced constructions across the globe. The rising population in the urban areas leading toward the development of skyscrapers will foster the residential application segment. Owing to the technological advancements in the fabrication technology, the lift manufacturers offer quick delivery and installation in the residential projects.
Availability of tailor-made lift solutions depending on the building size, number of floors, and occupancy will drive the segmental growth. For instance, Kone offers several types of lift solutions including N MiniSpace, E MiniSpace, N MonoSpace, E MonoSpace, etc. depending on the size of the residential buildings with varied economical or high-speed specifications to choose from the list. The smart elevator market from the residential application will grow at a CAGR of over 13% from 2019 to 2025.
Technologies like IoT are reshaping the surroundings and helping countless businesses perform better. Smart elevators companies have also started recognizing the potential of these disruptive technologies and are beginning to embrace them. A smart elevator market analysis reveals that IoT seems to have majorly influenced the industry dynamics lately. Case in point, smart elevator company Schindler recently entered a partnership with Spanish telecom giant Telefónica to enhance its cloud-based digital offerings with Telefónica's IoT connectivity services.

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Such provisions will offer greater convenience, interactivity, and personalized services to smart elevator passengers. Also, the extraordinary pace at which high-rise buildings are mushrooming across the globe offers numerous growth opportunities to the technology providers in the IoT domain. The surging adoption of IoT in smart construction and connected buildings will fuel the smart elevator market share over the forthcoming years.

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